NatWest Group secured approval from the U.S. Federal Reserve to set up an office in Connecticut as the London-based bank makes a fresh move into the American market.

The bank last Thursday received permission to establish a representative office in Stamford, Connecticut. "It would promote and market the bank's products and services, conduct customer service activities, and perform back-office functions," the Federal Reserve said.

The British bank is already a U.S.-licensed broker-dealer in Stamford, but the new office will allow it to employ staff to support new and existing customers. However, the new license doesn't allow deposit-taking activities in the U.S.

The approval is the first significant attempt by NatWest to re-enter the U.S. market since the 2008-09 financial crisis.

The move follows changes to ring-fencing regulation in the U.K. by former Treasury Chief Rachel Reeves. In January 2025, Reeves lifted post-financial crisis bans on operating branches or subsidiaries outside the European Economic Area.

Since returning to private ownership last year, NatWest has looked to expand its revenue base, including through the takeover of wealth manager Evelyn Partners for 2.7 billion pounds ($3.68 billion).

This diversification marks a change in strategy from the post-nationalization era, when NatWest--then known as RBS--was forced to sell off its international operations. This included Citizens Financial Group, through which the bank first entered the U.S. market in 1988.

Since then, NatWest has kept a small presence in the U.S., but makes most of its revenue in the U.K. It also has an international presence through offices in Singapore, Tokyo and Europe.